PORTLAND, Ore., May 9, 2024
/PRNewswire/ -- Allied Market Research published a report,
titled, "Online Payday Loans Market by
Type (Instalment and Single Phase), Marital Status
(Married and Single), and Customer Age Outlook (Less than
21, 21-30, 31-40, 41-50, and More than 50): Global Opportunity
Analysis and Industry Forecast, 2024-2032". According to the
report, the "online payday loans market" was valued at $8,387.53 million in 2023, and is estimated
to reach $18,094.01 million by
2032, growing at a CAGR of 9.1% from 2024 to 2032.
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159 – Tables
52 – Charts
213 – Pages
Prime determinants of growth
Growing awareness about online payday loans among the youth
population and fast loan approval with no restriction on usage
boost the growth of the global online payday loan market. In
addition, the presence of many payday lenders positively impacts
the growth of the market. However, factors such as high interest
rates and the negative impact of online payday loans on credit
scores are expected to hamper the market growth. On the contrary,
rise in the adoption of advanced technology among payday lenders is
expected to offer remunerative opportunities for the expansion of
the market during the forecast period.
Report coverage & details:
Report
Coverage
|
Details
|
|
Forecast
Period
|
2024–2032
|
|
Base
Year
|
2023
|
|
Market Size in
2023
|
$8,387.53
million
|
|
Market Size in
2032
|
$18,094.01
million
|
|
CAGR
|
9.1 %
|
|
No. of Pages in
Report
|
213
|
|
Segments
covered
|
Type, Marital
Status, Customer Age Outlook, and Region
|
|
Drivers
|
Growing awareness
about online payday loans among youth population
Presence of many
payday lenders
|
|
Opportunities
|
Rise in adoption of
advanced technology among payday lenders
|
|
Restraints
|
High-interest
rates
Negative impact of
online payday loans on credit scores
|
|
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The single-phase segment maintained its leadership status
during the forecast period.
By type, the installment segment held the highest market
share in 2023, accounting for more than three-fifths of the
global online payday loan market revenue, owing to growing demand
for longer-term loans among borrowers who require larger loan
amounts or more time to repay. Instalment loans meet this demand by
providing extended repayment periods. However, the
single-phase segment is projected to attain the highest CAGR
of 11.2% from 2023 to 2032, due to the simplicity and quick access
to funds offered by single-phase loans making them attractive to
borrowers who need immediate cash, which boosts the global
market.
The single segment to maintain its leadership status
during the forecast period.
Based on marital status, the married segment held the highest
market share in 2023, accounting for more than two-thirds of the
global online payday loan market revenue. This is attributed to the
rise of online lending platforms that has made it easier for
married couples to apply for payday loans without the hassle of
visiting physical loan offices. However, the single segment is
projected to manifest the highest CAGR of 10.5% from 2024 to
2032, the increasing number of single individuals globally
contributes to the growing demand for payday loans in this
segment.
The 31-40 segment to maintain its leadership
status throughout the forecast period.
Based on customer age outlook, the less than
21 segment held the highest market share in 2023, accounting
for nearly one-thirds of the global online payday loan market
revenue. This is attributed to the growing financial needs and
limited access to traditional credit options among young adults.
However, the 31-40 segment is projected to manifest the
highest CAGR of 11.6% from 2024 to 2032, the increasing
prevalence of online financial services and mobile banking apps has
made it easier for young adults to apply for payday loans
conveniently from their smartphones or computers globally
contributes to the growing demand for payday loans in this
segment.
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Asia-Pacific to maintain its dominance by 2032.
Region-wise, North America held
the highest market share in terms of revenue in 2022, accounting
for more than one-third of the global online payday loan market
revenue due to several factors. The region boasts a highly
developed financial infrastructure, including well-established
financial markets, regulatory frameworks, and a large pool of
sophisticated investors. However, the Asia-Pacific region is expected to witness the
fastest CAGR of 12.5% from 2024 to 2032 and is likely to dominate
the market during the forecast period, several factors contribute
to this trend, including the region's strong economic growth,
expanding middle class, and increasing investor sophistication.
Leading Market Players: -
- Clear View Loans,
- Bad Credit Loans,
- Cash USA,
- Personal Loans,
- Check Into Cash,
- Cash Net USA,
- Advance America,
- Speedy Cash,
- Ace Cash Express,
- Money Mutual
The report provides a detailed analysis of these key players of
the global Online payday loan market. These players have adopted
different strategies such as new product launches, collaborations,
expansion, joint ventures, agreements, and others to increase their
market share and maintain dominant shares in different regions. The
report is valuable in highlighting business performance, operating
segments, product portfolio, and strategic moves of market players
to showcase the competitive scenario.
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Key Benefits for Stakeholders:
- This report provides a quantitative analysis of the market
segments, current trends, estimations, and dynamics of the online
payday loans market analysis from 2023 to 2032 to identify the
prevailing online payday loans market opportunity.
- The market research is offered along with information related
to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers
and suppliers to enable stakeholders make profit-oriented business
decisions and strengthen their supplier-buyer network.
- In-depth analysis of the online payday loans market
segmentation assists to determine the prevailing market
opportunities.
- Major countries in each region are mapped according to their
revenue contribution to the global online payday loans market
forecast.
- Market player positioning facilitates benchmarking and provides
a clear understanding of the present position of the online payday
loans market outlook players.
- The report includes the analysis of the regional as well as
global online payday loans market trends, key players, market
segments, application areas, and market growth strategies.
Online Payday Loans Market Key Segments:
By Type
By Marital Status
By Customer Age Outlook
- Less than 21
- 21–30
- 31–40
- 41–50
- More than 50
By Region
- North America (U.S.,
Canada)
- Europe (UK,
Germany, France, Italy, Spain,
Rest of Europe)
- Asia-Pacific
(China, Japan, India,
South Korea, Australia, Rest of Asia-Pacific)
- Latin America
(Brazil, Argentina, Colombia, Rest of Latin America)
- Middle East and
Africa (Saudi Arabia, South
Africa, UAE, Rest of Middle East And Africa)
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